Post ID: 1902
Bitcoin on one hand is a Cryptocurrency. That is, a currency that is digital.
While Faucet on the other hand is a reward program made available through a website or an app to users for their services.
Bringing the two together, we can say that the answer to the question What is a bitcoin faucet is; ‘a website or app that is giving out bitcoins to users for performing some stipulated tasks.’
Are They Really Giving Out Bitcoins?
As you my know, all currencies have a subdivision. For example the US Dollar have a subdivision known as cents, the Nigeria Naira has a subdivision known as Kobo. In a similar vein, Bitcoin also have a subdivision known as Satoshi.
Bitcoin faucets today are giving out bitcoins Satoshi not a whole Bitcoin, but since Satoshi can be accumulated to make a whole Bitcoin, we can in this effect say, YES, they are going out Bitcoins.
Why Will Someone Create A Website or App To Give out Money?
As I have mentioned earlier, bitcoin faucet give out Satoshi to users for performing a set out task. In other words, the Satoshi they are giving is kind of like an incentive to make a user to do a task. The task might be:
- Playing a game.
- Participating in a survey.
- Downloading an app.
- Solving Captcha.
And many other tasks, depending on the reason why the owner decided to run the faucet.
How Most Bitcoin Faucets Opperate
Basically most people run a bitcoin faucet for one reason. That is ‘Drive in more traffic to their website or app.‘ This because the more visit they get to their website, the more they will earn from advertisement.
So instead of having meaningful task for their visitors to do before they are given rewards, most faucets just requires that their visitors solve a Captcha to prove that it is a human that is actually visiting their bitcoin faucet and not a robot.
How Are The Rewards Paid?
Bitcoin faucet payout to users in two ways:
- To the user’s Microwallet account.
- To the user’s bitcoin wallet address.
Who Will Pay The Bitcoin Network Fee?
The Bitcoin faucet owners pay the fees in most cases. So to prevent them from spending all their money on Bitcoin Network fees, most Bitcoin faucets (especially the ones that pay to users Bitcoin Wallet address) will require that the user accumulate their earned Satoshi to a certain threshold before they can request to it paid to their wallet address.
Is Bitcoin Faucets The Only Type Of Faucet There Is?
Of course not!
There are tens of other cryptocurrencies and most if not all have people that have created a Faucets for it.
For example we at Pdfaucet have the following Cryptocurrency faucet:
We have also created a list of high paying faucets (not just for Bitcoin) that uses Faucethub micro-payment service to send out payout to users. Click the button below to visit it.
More to that, other faucets that do not uses Faucethub micro-payment service but we love and will like you to check out are: